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Hungary lends HUF 25 bln to Kenya and Cape Verde

The Hungarian government is set to grant a total of HUF 25 billion in credit to the Republic of Kenya and Cape Verde, according to a report by Hungarian online business news portal mfor.hu.

Island of São Vicente, Cape Verde, from Monte Verde with Mindelo in the background  (photo by Frank Bach/Shutterstock.com)

The government has allocated HUF 14 bln tied aid credit to the Republic of Kenya. Minister of Foreign Affairs and Trade Péter Szijjártó will inform the government of Kenya, and discuss the related financial cooperation framework program.

Hungary is also offering a HUF 11 bln aid loan to Cape Verde, to implement water management and irrigation capacity development projects. Szijjartó will be in charge of these negotiations as well.

An important criterion of the declaration is that both of the loans can be drawn down only if this does not endanger favorable development of the domestic debt ratio, the report added.